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Adobe Bridge: The Elements Organizer is more sophisticated, acting as an image database rather than just a file browser, but Bridge can display 'virtual' adjustments made with Adobe Camera Raw, and a wider range of metadata (copyright, keywords and much more).

Vector tools: Photoshop has path and pen tools comparable to those in a dedicated drawing/illustration package. Elements can do basic shapes but it's not in the same league.

Colour modes: Photoshop supports CMYK and Lab modes, which can be useful in commercial print publishing and some image enhancement tasks.

Curves: Elements has an Adjust Color Curves dialog, but it's a weak imitation of the curves adjustments in Photoshop. Curves are important for precise contrast adjustments.